Release #8 - 2009
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” announces that it has signed an agreement with Avocet Mining PLC (“Avocet”) to issue 475,000 Monument shares to settle a debt owing to Avocet subject to TSX Venture Exchange’s acceptance. Avocet currently holds a 14.86% of Monument shares.
Avocet has been operating a gold mine in Malaysia since 1996 which is located approximately 45 kilometers from Monument’s Selinsing property. Avocet has provided assistance to Monument in training mining and gold plant processing operators at Monument’s Selinsing Gold Mine Project, which is moving forward gold production upon completion of commissioning of the Phase I Gravity Plant.
The training assistance costs $134,048 (US$131,600) and will be paid by issuance of 475,000 Monument shares at $0.28 per share, subject to TSX Venture Exchange’s acceptance. Monument currently has 155,640,028 issued and outstanding common shares.
The Selinsing Gold Project is wholly owned by the Company and located in Pahang State, Malaysia. The project is focusing on construction of 1,200 ptd gold treatment plant progressing with two phases. Once the Phase I gravity section of the plant is fully commissioned, expecting in October, 2009, the Company will commence gold production from the Gravity Plant in parallel with the ongoing Phase II construction of the CIL circuit, targeting full production in December 2009.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 490- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
For further information contact:
Richard Cushing, Investor Relations
Wolfgang Seybold, President and CEO, Axino.AG
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Not for distribution to U.S. news wire services or dissemination in the United States. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained herein. Certain disclosures in this release, including management’s assessment of the Company’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company’s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such.
This press release contains forward-looking statements about Monument Mining Limited (“Monument”), its business and future plans, including the contemplated phase I and phase II development plans resulting in the commencement of mining and gold production, and in respect of the dates and amounts projected for these two phases resulting in the plant construction, gold production, gold sales and costs of the Selinsing Project. Forward-looking statements are statements that are not historical facts and include the timing of the proposed programs and events. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to different materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation, uncertainty to the actual cost of the gravity circuit and the estimated cash flows which may be generated from the gravity circuit, the risk that the Selinsing Project will not be completed successfully or in a timely manner, general economic factors and other factors that may be beyond the control of Monument. Forward-looking statements are based upon the beliefs, opinions and expectations of the management of Monument at the time they are made and Monument does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations or circumstances should change.
Release #8 - 2009